A number of people dream of having their own business and being their own boss. But the process is daunting- managing investment, hiring employees, providing training, and so much more. This is where buying a franchise of a renowned brand comes into picture. Alongside, as a business owner, if you have been pondering for a while on how to expand your business network and leave your footprints just about everywhere, FRANCHISEE is certainly the answer to all your questions. But, how do you go about it? We bring to you a comprehensive guide on starting as a franchise company. Explore!

Evaluate your Business Concept: The first step is to ask if your business is well-suited for franchising or not. The aim is to evaluate if your business concept would appeal to end customers and prospective franchisees or not.

Check Your Financial State: While franchising your business can lead to a number of benefits including financial, it is recommended to check how your business is performing in the competitive market.

Conduct Market Research: Having in-depth understanding of the target market as well as your industry is a must. So, make sure you understand the marketplace before trying franchising.

Prepare to Provide Ongoing Support: When franchisees will work under you, you will have to provide them ongoing training and support to ensure their success as well as your own.

Know the Legal Requirements: In a bid to sell your franchises in India or abroad, you will have to comply with certain legal requirements and decide the following terms beforehand:

• Terms of franchise agreement

• Franchise fee and amount of royalty

• Geographic areas you want to expand in

• How to market the franchisees

• Preparing training documents

And more!

Complete the Legal Paperwork and Register as a Franchisor: The next step entails completing the legal paperwork and submitting it to authorities for approval.

Hire Skilled Personnel: Once you register as a franchisor, you would be required to hire skilled and experienced staff that can assist franchisees set up their business and attain success. You can hire people with positions like trainer, marketing assistant, creative director and franchise-process manager to manage all the tasks proficiently.

Sell Your Franchisees: Entering the industry as a franchisor, the final step is to find prospective franchisees and sell your concept. Your sales personnel must be well-equipped with your business concept and strongly pitch to garner investment.

Support Your Franchisees: Your job doesn’t end at selling franchisees. You have to provide ongoing support to your franchisee network so that they maintain quality, grow and succeed with you.